Invest in Maldives

a guide for foreign investors

CTL Strategies recognised in 2021 Rankings of Chambers and Partners

CTL Strategies has been ranked in the Chambers Global Guide 2022, published by the Chambers and Partners. Chambers and Partners is an independent research firm that operates in 200 jurisdictions and is commonly referred to as the “gold standard” in the legal profession. Chambers deliver rankings and insight into the world’s leading lawyers and law firms.

The firm’s new ranking in Band 2 this year, marks a significant upgrade for the firm with the firm moving from Band 3 within just two years of its ranking. The Guide remarks that “the team understands the commercial reality of transactions and provides practical legal solutions”.

Recent Updates

Year in Review 2022

“Year in Review 2022” provides brief summaries of the key tax and legal developments through the year. We have covered both legislative changes as well as some key judgments of the Supreme Court. Through various publications during the year, we have addressed some of these developments in detail – which you can browse from our publications pages.

For further information on the developments that may affect you, you may drop us an email on [email protected]


Sixth Amendment to the Grant of Rights Regulation

The Sixth Amendment to the Grant of Rights Regulation (the “Sixth Amendment”) was published on 12 February 2023 abolishing the requirement to obtain approval from the Ministry of Tourism for transfer of shares in companies which have leased island and lands for tourism purposes.

Abolishment of share transfer approvals and notice requirements

Sixth Amendment abolished the following requirements applicable for companies which have leased islands and lands for tourism purposes:

  1. Such companies are no longer required to obtain a written approval for the transfer of shares. 
    • Earlier, the Ministry of Economic Development will only record the transfer of shares upon receiving the no objection letter from the Ministry of Tourism.
  2. Further, the requirement to notify the Ministry of Tourism following the completion of the transfer of shares has also been abolished. 
    • Previously the companies were required to submit to the Ministry of Tourism confirmatory documents relating to the share transfer completion within 7 days from the date of recording the transfer of shares at the Ministry of Economic Development.

The above change eases the share transfer process for companies holding a tourism lease. This development was followed by the abolition of the share transfer fee earlier under the Fifth Amendment to the Grant of Rights Regulation.

Effective date

The Sixth Amendment is effective from 12 February 2023.


Overview of Tourism Land Rent Regulation


4th Amendment to the Regulation on the Operation of Guesthouses


Collection & Distribution of Service Charge